UNITED to be the Best 2008 2008 3 PASSION FOR THE BEST
at a Glance Business Structure of the Daiwa Securities Group HOLDING COMPANY RETAIL WHOLESALE ASSET MANAGEMENT 100% 120-101.0 90-60- 30-74.4 71.0 20-15- 10-5- 4.4 13.0 17.4 0-2005 2006 2007 0-2005 2006 2007 SMBC SMBC 150-141.5 120-92.8 90-60- 30-1.4 0-2005 2006 2007 6-5.7 5-4- 3-2- 4.6 4.4 1-0- 2005 2006 2007
FOUR CORE GROUP BUSINESSES 4 GROUP SUPPORT OPERATIONS INVESTMENT GROUP SUPPORT SMBC SMBC SMBC 100% 25-23.7 20-15.2 16.3 15-10- 5-0- 2005 2006 2007 3 SMBC SMBC SMBC 6-4.8 4.2 4-2- 0-2- 4-6- 5.3 2005 2006 2007 50 Daiwa Securities Group Annual Report 2008 1
cover 2 page 4 page 6 page 12 at a Glance CEO 4 ROE 2007 page 14 M&A page 18 18 22 26 28 IT IT 20072007 4 1 2008 3 31 2 Daiwa Securities Group Annual Report 2008
page 31 32 37 43 50 page 60 page 65 page 91 CSR 56 CSR page 83 page 125 page 139 Daiwa Securities Group Annual Report 2008 3
US$ 1 2005 2006 2007 2007 845,660 917,308 825,422 $ 8,254 579,359 526,764 447,491 4,474 325,199 340,373 363,859 3,638 254,160 186,391 83,632 836 260,651 195,415 90,143 901 139,948 92,725 46,411 464 14,898,692 14,411,265 17,307,119 173,071 718,723 844,854 801,881 8,018 2 1,223,226 1,082,924 10,829 1 US$1 3 103.90 67.90 33.69 $ 0.34 3 598.27 665.98 607.64 6.08 34.00 28.00 22.00 0.22 4 19.4 10.8 5.3 5.3 6.5 4.7 % 5 12,561 13,264 14,456 1. 1US$ 100 2. 3. 11 20051 200620071 4. 5. FA 4 Daiwa Securities Group Annual Report 2008
% 600-579 300-200- -40 526 260 400-390 447 200-195 150-139 -30 352 100-19.4 92-20 120 200-100- 96 90 50-42 52 10.8 46-10 7.4 8.4 5.3 0-2003 2004 2005 2006 2007 0-2003 2004 2005 2006 2007 0- -0 2003 2004 2005 2006 2007 % 20,000-1,000-929 40- -80 17,307 800-792 818 34 65.3 15,000-10,000-14,898 14,411 12,378 10,765 600-604 648 30-20- 41.2 28 22-60 -40 400-31.6 33.3 32.7 13 5,000-10- 10-20 200-0- 2003 2004 2005 2006 2007 0-2003 2004 2005 2006 2007 0-2003 2004 2005 2006 2007-0 Daiwa Securities Group Annual Report 2008 5
6 Daiwa Securities ie Group Annual nua Report 2008
CEO UNITED to be the Best 2007 1 2007 TOPIX 200630% 15% 4,474 54% 901 1,500 2007 40-30- 23.2 25.7 30.1 29.1 32.3 32.8 28.8 20-10- 0-05/3 05/9 06/3 06/9 07/3 07/9 08/3 Daiwa Securities Group Annual Report 2008 7
200823,500 ROE15% TOPIX1,870 2.8%GDP 1.5% 2 Passion for the Best 2008 3,500 ROE 15% 1,300 45 1,900 No.1 300* 1 14* 2 5 * 1 2007 4 210 * 2 2007 4 11 2007 SMA LMS 2340 8 Daiwa Securities Group Annual Report 2008
2007 SMBC 2007 % 20- -16 10-15- 5-6.1 7.0 8.3 9.1 11.0 12.4 11.0-14 -12-10 0- -8 05/3 05/9 06/3 06/9 07/3 07/9 08/3 2007 Daiwa Securities Group Annual Report 2008 9
2008 3 6 World CO2L Bond 2007500 2265.3%30% 40-30- 20-22 16 31.6 33.3 32.7 41.2 65.3 10 % -80-60 -40 10-8 10 12 12 12-20 5 0- -0 2003 2004 2005 2006 2007 2004 10 Daiwa Securities Group Annual Report 2008
2007 2007 12 2008 7 CEO Daiwa Securities Group Annual Report 2008 11
1 2 3 4 5 6 1. CEO 2. COO SMBC 3. 1971 1997 1998 1999 2001 2002 SMBC 2003 2004 CEO 1974 1997 2001 SMBC 2004 2006 SMBC 2007 COO SMBC 1973 1998 1999 SBCM SMBC 2003 2005 2007 2008 4. SMBC 5. 6. 1972 1997 1999 2001 2003 2006 2007 SMBC 1969 1995 1998 1999 SBCM SMBC 2000 2002 2004 SMBC 2005 1971 1998 1999 2002 2003 SMBC 2004 2005 SMBC 2006 2008 12 Daiwa Securities Group Annual Report 2008
7 8 9 10 11 12 13 14 7. 8. 9. 10. SMBC SMBC CIO CFO 1979 2002 SMBC 2004 2007 2008 SMBC 1973 1996 2001 2004 2005 2006 SMBC 2007 SMBC 1983 1996 1999 2003 2005 2006 CIO 2008 1980 2001 SMBC 2005 CFO 2006 2008 11. 12. 13. 14. 1975 2001 SMBC 2006 2008 1983 2005 SMBC 2006 2007 1982 2005 SMBC 2007 2008 1969 1994 1997 1999 SBCM SMBC 2004 2005 2008 Daiwa Securities Group Annual Report 2008 13
2007 M&A 14 Daiwa Securities Group Annual Report 2008
TOPIX 2,000-1,800-1 98 3 98 12 98 12 99 10 2 04 4 65 12 05 7 07 9 1,600-1,400- IT 1,200-1,000-800- 600-400- 200-0- 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1999 2000 2001 2002 2003 2004 2005 2006 2007 1996 2007 9 1998 12 1999 10 2004 122005 10 2007 61 124 7 TOPIX 2007 1,796.89 Daiwa Securities Group Annual Report 2008 15
8IT 2008 3 TOPIX 2 1,150 12195 3 TOPIX 1,212.96199.69 11.5 57 7,4972.8% 5,36377.6% 6,09755.9% 12 9,393 6.6% M&A 6 8,993 42.4% TOPIX 3,000- -200 80-2,400-1,800-1,200-600- -160-120 -80-40 60-40- 20-15.7 23.2 13.5 28.9 13.5 44.9 13.1 12.0 59.4 57.7 0- -0 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 TOPIX 2008 3 16.5 % 52.0 3.0 4.2 9.3 27.0 4.4 1,490 2003 3 57.2 2.6 2.1 5.3 27.8 5.0 1,355 2008 3 10.0 % 13.9 8.5 14.1 29.1 30.3 4.1 44.1 0-04/3 05/3 06/3 07/3 08/3 MMF 80-60- 30.5 29.3 40-21.9 20-9.3 13.9 22.6 28.4 28.0 13.5 14.6 0-04/3 05/3 06/3 07/3 08/3 16 Daiwa Securities Group Annual Report 2008
2009 1 M&A M&A 1.0-0.5-0- 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2001 4Q CB WB 3.0-2.5-2.0-1.5-4- 3-2- 3,000-2,500-2,000-1,500-1,000-500- 0-1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 OUT INM&A IN INM&A IN OUTM&A 1-0- 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Daiwa Securities Group Annual Report 2008 17
18 Daiwa Securities Group Annual Report 2008
1 12* 2006 126 5.6 2007 6.2 1215.0 2008 * SMBC SMBC 201131,000 1. 1,000 2. 1,000 3. PE1,000 SMBC 2007 11 2008 4 M&A 5-4.6 5.2 4.6 7.9 10.6 3.9 0-2005 2006 2007 12 15-20- 10-10- 15-5- 15.0 6.1 4.8 5.6 6.2 3.5 0-2005 2006 2007 12 Daiwa Securities Group Annual Report 2008 19
20073 2007 FIX* 1 DMA* 2 * 3 * 1 FIX * 2 DMA * 3 POWL Public Offering Without Listing * 2007 IPO 2008 IT * 20 Daiwa Securities Group Annual Report 2008
2011 1,000 SMBC 2008 2 Airway Communications 1 2007 1 EMP-Daiwa Capital Asia Limited121 1 2 3 4 5 2 3 1 6 7 8 PEPE 4 EMP 5 9 10 11 12 PE 11 6 7 8 PE 10 9 Daiwa Securities Group Annual Report 2008 21
2007TOPIX 2006 1,713.61 30%1,212.96 2% 22 Daiwa Securities Group Annual Report 2008
2 1,500 TV TV 16.5 2008 3 52.0 3.0 4.2 9.3 27.0 4.4 % 1,490 2003 3 57.2 2.6 2.1 5.3 27.8 5.0 2008 3 10.0 13.9 8.5 14.1 29.1 30.3 % 4.1 1,355 44.1 3 12200740 1,000-750- 500-431 320 350 316 238 237 250-187 90 148 164 196 237 198 197 218 209 0-1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2006 2007 * * % 100 % -80-60 -40-20 -0 12-11.5 11.9 10.8 10.8 9.5 8.8 9-7.9 7.3 6-3- 0-1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2006 2007 Daiwa Securities Group Annual Report 2008 23
* 2007 * 2 3 2008 3 20 LMS 2006 8 LMS * 1 2008 3 650 1 5 * 2 LMS * 1 Loan Management Service * 2 24 Daiwa Securities Group Annual Report 2008
20074 7 9 FX FX 2007 382008 32 3,000 3.3 FX 10-8- 6-4- -25-20 -15-10 2-0- 2003 2004 2005 2006 2007 2,500-2,000-1,500-1,000-500- -5 0- -0 07/3 07/6 07/9 07/12 08/3 SMA SMA * 2008 3 1,920SMA 2007 SMA 2008 6 SMA SMA 2007 10 2008 3 486 300 * Separately Managed Account Daiwa Securities Group Annual Report 2008 25
26 Daiwa Securities Group Annual Report 2008
3 Passion for the Best 2008 2008 4 CEOCWO Chief Work-life-balance Officer 2008 2 9 2 UFJ 5 7 9 11 UFJ 1 2 UFJ 8 9 UFJ 14 20 WOMAN 2008 5 Best100 1 P&G 2 IBM 3 7 1 1 IBM 3 4 5 Daiwa Securities Group Annual Report 2008 27
IT IT IT ITIT 28 Daiwa Securities Group Annual Report 2008
4 IT ITITIT IT ITIT IT IT 2007IT67% IT 20-80- 60-40- SMAPTS* SMBC 1,600-1,200-0- 2003 2004 2005 2006 2007 * Proprietary Trading System IT IT 2004 45% 2007 67% IT IT IT IT IT 800-400- 0-05/3 06/3 07/3 08/3 IT Daiwa Securities Group Annual Report 2008 29
IT ITIT IT IT IT IT SMBC IT IT IT CIO IT SMBC IT IT OA 1,300 117 OA IT 30 Daiwa Securities Group Annual Report 2008
32 retail 37 wholesale 43 asset management 50 investment 56 group support Daiwa Daiwa Securities Group Group Annual Report Report 2008 2008 31
RETAIL 2 2005 2006 2007 257,988 229,171 224,010 101,057 74,477 71,026 58,174 43,468 41,009 ROE 25.9% 17.6% 16.2% 40-30- 23.2 25.7 30.1 29.1 32.3 32.8 28.8 20-10- 0-05/3 05/9 06/3 06/9 07/3 07/9 08/3 32 Daiwa Securities Group Annual Report 2008
2007 TOPIX 2007 31,713.61 2008 31,212.96 30% 20071 2 9,393 6.6% 2007 9 2007 20072,240 2%7105%410 6% SMA LMS 2008 3 3 5 28 8 Daiwa Securities Group Annual Report 2008 33
Passion for the Best 2008 4 2008 45 1,300 IP SMA SMA SMA No.1 SMA 2007 10 2005 34 Daiwa Securities Group Annual Report 2008
2008 2008 2008 4 FX 7 8PTS FX SMA One to One SMA 2008 4500 300 Daiwa Securities Group Annual Report 2008 35
2007 10 2008 4500300 6 3 36 Annual Daiwa Report Securities 2008 Group Daiwa Annual Securities Report Group 2008
WHOLESALE SMBC SMBC IPO M&A SMBC 60% 40% SMBC 2005 2006 2007 311,568 260,700 161,954 141,582 92,866 1,431 91,883 51,945 (5,836) ROE 18.2% 8.5% SMBC 2007 M&A M&A 2007 2007 2007 2007 1 16.9% 43.9% 19.4% 4.6% 2 SMBC 16.0% 16.5% MUFG 12.0% SMBC 3.9% 3 UFJ 14.4% SMBC 11.0% JP 11.5% MUFG 3.7% 4 13.7% UFJ 6.1% SMBC 11.4% FG 3.2% 5 9.7% 4.9% 11.0% 2.8% SMBC M&A Daiwa Securities Group Annual Report 2008 37
2007 IPO M&A 4 2007 SMBC20071,619 38%1498% 58 IPO M&A 2007 774 27% 54653% M&A 2,000-1,635 1,653 1,752 1,728 1,500-1,169 15.0 1,000-834 18.1 11.6 12.4 11.8 12.3 500-8.6 3.5 5.0 6.0 0-1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 3,000-2,500-2,211 2,725 2,775 2,696-30 -25-20 -15-10 -5-0 38 Daiwa Securities Group Annual Report 2008
100% 60% 40% 100% SMBC 44% 44% 100% 46% SMBC SMBC 40% Daiwa Securities Group Annual Report 2008 39
2007 IPO M&A * Public Offering Without Listing 856 332 CB200 132 106 219149 3,0001,500 800KDDI 800 700 NTT 700 1,500 1,000800 650 500500500 S 22,000760 14 17 2,850 2,850111,000532 2007-12435435 100% 33.22% SRI SRI POWL* 308 1IPO 221 IPO 52 PO 35 Passion for the Best 2008 SMBC No.1 2007 QFII*2006 * 2007 M&A 2007 8221 IPO 30852 2007 4Sagent Advisors SRI 2007 1,5001,358 856 M&A TOB P41 40 Daiwa Securities Group Annual Report 2008
2008 2007 2008 SMBC M&A M&AMBO M&A Sagent SMBC * SMBC 2007 12 * Daiwa Securities Group Annual Report 2008 41
6 16 500 3742008 2 3672008 3 7,7392008 2 7,8582008 3 2008 4 1 45 J. SMBC M&A SMBC M&A 42 Daiwa Securities Group Annual Report 2008
ASSET MANAGEMENT 1 4,9952008 3 SRI* * Socially Responsible Investment 2005 2006 2007 31,374 58,933 83,079 4,435 13,015 17,494 3,051 8,659 10,665 8-6- 4-11.8 10.2 7.6 6.9 7.3 9.4 4.2 10.8 11.3 6.3 6.5 % -12-9 -6 2-1.7 1.5 1.2 1.6 2.1-3 0- -0 01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 Daiwa Securities Group Annual Report 2008 43
20072006 11.5 2007 2007 830 41% 17434% 2 2007 6 7 5,842 2008 3 6 5,0402007 32% 59.4 60-57.7-30 44.9 40- -20 28.9 23.2 20-16.2 13.3-10 10.1 11.5 0-4.1 3.0 5.3-0 03/3 04/3 05/3 06/3 07/3 08/3 80- -40 44 Daiwa Securities Group Annual Report 2008
2007 1Q 3 2007 4 2007 6 2007 6 318 1,218 618 2Q 2007 7 673 3Q 2007 12 471 4Q 2008 2 204 Passion for the Best 2008 2008 2007 2008 5 ETF *Daiwa FTSE Shariah Japan 100100 SGX ETF ETF * ETF ETF TOPIX 2007 2008-01 SMA Daiwa Securities Group Annual Report 2008 45
A D 1 3 1 08 3 3 08 3 20-19 15-13 15-12 10-10- 8 5 5 5-4 5-3 0-0- A B C D A B C D 500 374 AB 73% 31 42 AB 66% 18 27 2008 36,149 * 1 2008 34,888 1,700 3 * 2008 11 2008 2 28 () 2,500-2,000-1,500-1,000-500- 1,034 1,127 1,313 1,521 40 1,656 162 309 491 614 1,776 1,716 1,674 1,499 0-06/3 06/6 06/9 06/12 07/3 07/6 07/9 07/12 08/3 46 Daiwa Securities Group Annual Report 2008
65% R&I T. 2005 2006 2007 16,247 19,476 26,299 4,613 4,407 5,752 2,752 2,695 3,119 6,000-8,000-4,000-2,000-342 808 4,070 428 809 3,913 369 958 4,106 378 1,096 4,292 383 1,350 4,374 373 1,639 4,555 390 1,755 4,220 390 1,686 3,919 415 1,379 3,395 0-06/3 06/6 06/9 06/12 07/3 07/6 07/9 07/12 08/3 Daiwa Securities Group Annual Report 2008 47
2007 Passion for the Best 2008 2 2007 35% 262 31% 57 2008 3 5 1,899 2007 36 1,08915% 2008 3 3 3,9522007 34 3,74822% 3,679 1,525 2008 3 1 7,9482007 31 7,341 R&I2007 2008 2007 3Q 2007 12 162 4Q NKS 2008 1 202 48 Daiwa Securities Group Annual Report 2008
2008 Top in Quality 2008 DC VA* * DC VA Defined ContributionVariable Annuity Daiwa Securities Group Annual Report 2008 49
INVESTMENT SMBC SMBCSMBC PI SMBC 100% SMBC 2005 2006 2007 19,043* 29,712 19,961 15,225 23,782 16,385 9,096 14,081 9,946 * 2005 SMBC 500-400- 300-313 361 439 100-200- 75 93 0-04/3 05/3 06/3 07/3 08/3 50 Daiwa Securities Group Annual Report 2008
2007 M&A SMBC PI 2007 2007 SMBC PI 2008 3 4,3902007 33,61022% 2007SMBC PI 1Airway Communications International HoldingAirway30 2007 2006 31%163 2007 2007 8 25.5% DNP DNP 130 DNP 2008 3 43,301,500 18.8% SMBC PI Daiwa Securities Group Annual Report 2008 51
Passion for the Best 2008 SMBC PI HMV HMV 2007 8 2008 2 2007 8 2008 2Airway 30 2008 3 1202,690 890770 SMBC PI2003 9 2008 2 2 SMBC PI WIN-WIN 2007 8 2008 3 SMBC PI 52 Daiwa Securities Group Annual Report 2008
2008 2006 SMBC PI 2008 M&A 300 SMBC PI 2008300 SMBC 2007 HMV HMV Retail Limited 2007 8 HMV Group plchmv Music Limited HMV HMV Retail Limited HMV Group plc HMV CD DVD HMV Group plc HMV SMBC PI SMBC PI Airway Communications International Holding 2008 2 Airway 30Airway Airway Airway 2008 2 Tyco International Holding S.à r.l 1 SMBC PI 1 Daiwa Securities Group Annual Report 2008 53
SMBC 2008 10 1SMBC SMBC SMBC 2007 2007 99 134 29% 42 53 138 66 15458% 1 52 30 4963% 1115 1838 33 NIFSMBC-B2007 1152008 366 2,9061,746 54 Daiwa Securities Group Annual Report 2008
2008 2008 SMBC 2008 10SMBC SMBC 2008 3 5 2008 2008 SMBC3 Daiwa Securities Group Annual Report 2008 55
GROUP SUPPORT IT 3 2007 2007 IT 20071,094 15%13337% Passion for the Best 2008 2007 2 Institutional Investor 2 56 Daiwa Securities Group Annual Report 2008
IT BP 2007 12IT 3 2008 2008 IT 2009 1 2008 10 1 2008 10 1 Daiwa Securities Group Annual Report 2008 57
2000 11 ISO9001 1994 2002 12 ISO9001 2000* 2005 9 JIPDEC * ISO9001 20001994 58 Daiwa Securities Group Annual Report 2008
2007 12 50 Daiwa Securities Group Annual Report 2008 59
CSR JFS 18F 2006 10 1 40 60 Daiwa Securities Group Annual Report 2008
CSR CSR CSR NPO NGO UNEP FI * 1 PRI * 2 CDP * 3 * 1 United Nations Environment Programme Finance Initiative UNEP FIUNEP 1992 * 2 Principles for Responsible Investment 2006 4 UNEP FI ESG * 3 Carbon Disclosure Project NPO Daiwa Securities Group Annual Report 2008 61
SRI CSR SRI 2007 8 2008 3 SRI 2008 3 388 SRI 62 Mrs. 27 UBS 40 25 502 2007 40-50- 30-20- 10-0- 2005 2006 2007 62 Daiwa Securities Group Annual Report 2008
NPO CSR CSR ips SMBC 4 2008 5 ips 4 2002iPS Daiwa Securities Group Annual Report 2008 63
CSR SRI 2006 9FTSE FTSE4Good Index FTSE SAM SRIDow Jones Sustainability World Index DJSI World 9 CSR 3CSR 1. NPO 2. SRI 3. 64 Daiwa Securities Group Annual Report 2008
66 68 70 71 76 IT 77 78 80 Daiwa Securities Group Annual Report 2008 65
1999 2004 * * 2006 4 2007 92008 4 66 Daiwa Securities Group Annual Report 2008
21 Daiwa Securities Group Annual Report 2008 67
1999 2004 6 20073 200712 20074 2007 14 87% ROE SMBC 3 2007 5 105 15 846 20 951 12007 2 101 3 2007 1 672004 6 23 10 4 951 4 67 5 200712158 68 Daiwa Securities Group Annual Report 2008
69 Daiwa Securities Group Annual Report 2008 CEO 2008 4 2006 IT 4 2008 3 2008 2009 6
2007 2003 2007 6 2007 2008 SMBC 2007 2008 70 Daiwa Securities Group Annual Report 2008
1. 2. 3. SMBC SMBC SMBC Daiwa Securities Group Annual Report 2008 71
IR CFO CIO SMBC SMBC PI SMBC SMBC 72 Daiwa Securities Group Annual Report 2008
VaR 99% 1 06 6 06 9 06 12 07 3 07 6 07 9 07 12 08 3 VaR 20.6 21.7 17.9 21.8 19.5 26.0 27.8 27.2 36.9 24.2 28.6 35.5 41.0 57.9 38.9 30.1 14.9 14.2 13.3 11.4 12.8 15.0 20.2 17.1 24.2 19.9 20.2 21.3 19.1 27.5 29.0 23.2 10.5 14.8 14.8 9.8 12.4 17.8 16.5 15.7 17.1 10.9 8.8 8.0 15.1 12.3 19.3 17.8 1.8 7.8 6.2 16.3 5.4 12.8 14.8 16.1 0.3 1.2 1.7 0.0 0.0 0.4 1 99% Daiwa Securities Group Annual Report 2008 73
1 4,126 2008 3 31 74 Daiwa Securities Group Annual Report 2008
IR Daiwa Securities Group Annual Report 2008 75
IT IT IT IT SMBC IT IT IT ITIT IT IT IT IT IT ISMS ISMS e 76 Daiwa Securities Group Annual Report 2008
IT 14-16- 12-10- 8-6- 4-2- 0-0 1 0 1 2000 2001 2002 2003 * 1 SMA 2008 3 4748 328 200714 10 4 6 2* 2004 4 4 2005 8 8 2006 4 10 2007 Daiwa Securities Group Annual Report 2008 77
IR CSR IR IR IR 2007 * 1 * 2 * 1 * 2 78 Daiwa Securities Group Annual Report 2008
IR CEO 2007 CEO IR IR IR Fact Sheet 2006 2006 IR IR Daiwa Securities Group Annual Report 2008 79
100% 360 2 SMBC 20 52007 FP 2008 2000702 132 5 1. 2. 3. No.1 4. 80 Daiwa Securities Group Annual Report 2008
5. 3 2,000 12 3 2007 2007 11 2007 12 Daiwa Securities Group Annual Report 2008 81
2006 SMBC 3 2007 2007 113 31 200 CEO CWO Chief Work-life-balance Officer 19 21 30 2007 19 2008 101 2005 CEO 82 Daiwa Securities Group Annual Report 2008
84 5 85 86 12 88 90 Daiwa Securities Group Annual Report 2008 83
5 US$ 1 2003 2004 2005 2006 2007 2007 453,814 519,337 845,660 917,308 825,422 $8,254 194,163 216,387 309,189 306,736 294,425 2,944 120,195 151,118 224,912 157,333 103,361 1,033 8,676 12,763 21,539 32,818 19,160 191 96,366 105,428 245,211 373,453 358,423 3,584 34,414 33,641 44,809 46,968 50,053 500 352,435 390,432 579,359 526,764 447,491 4,474 92,520 114,888 254,160 186,391 83,632 836 76,926 112,603 258,356 185,923 81,952 819 42,637 52,665 139,948 92,725 46,411 464 US$ 1 10,765,665 12,378,962 14,898,891 14,411,265 17,307,119 $173,071 87,367 142,547 382,421 440,178 471,732 4,717 143,123 137,620 126,531 134,536 153,393 1,533 229,924 193,202 269,854 269,805 254,716 2,547 586,462 618,535 718,723 844,854 801,881 8,018 2 1,223,226 1,082,924 10,829 1 US$ 1 3 31.66 39.03 103.90 67.90 33.69 $0.34 3 453.60 486.70 598.27 665.98 607.64 6.08 10.00 13.00 34.00 28.00 22.00 0.22 % 4 7.4 8.4 19.4 10.8 5.3 5.6 5.2 5.3 6.5 4.7 12,459 12,243 12,561 13,264 14,456 FA (894) (948) (1,055) (917) (721) 1. 1US$=100 2. 3. 11 2003 20051= 200620071= 4. =+ 84 Daiwa Securities Group Annual Report 2008
2003 2004 2005 2006 2007 130,085 139,992 244,488 130,275 95,613 80,061 83,887 120,217 98,987 84,593 50,024 56,105 124,271 31,288 11,020 75,390 99,277 103,843 128,712 94,475 5,219 4,264 3,202 2,667 2,133 70,171 95,013 100,641 126,045 92,341 43,046 45,640 82,404 106,906 136,377 55,805 71,170 82,735 74,986 47,551 48,109 34,353 65,889 85,885 73,476 352,435 390,432 579,359 526,764 447,491 80,061 83,887 120,217 98,987 84,593 78,194 81,919 118,262 97,062 82,487 1,867 1,968 1,955 1,925 2,106 5,219 4,264 3,202 2,667 2,133 43,046 45,640 82,404 106,906 136,377 209 159 336 317 464 21,904 19,688 41,799 37,211 39,342 9,992 11,779 17,994 33,667 49,332 10,940 14,014 22,275 35,711 47,238 55,805 71,170 82,735 74,986 47,551 36,927 44,659 54,066 43,510 14,581 8,400 8,573 8,554 9,407 10,371 1,662 3,598 2,032 1,310 3,230 M&A 8,049 12,828 16,389 19,607 18,851 10,032 11,426 20,631 23,190 23,771 1,485 1,926 6,302 6,134 6,783 2,652 3,013 4,776 4,981 4,223 5,895 6,487 9,553 12,074 12,765 194,163 216,387 309,189 306,736 294,425 315,579 351,457 543,196 475,174 400,523 11,217 10,612 14,286 14,684 14,593 27,369 30,405 33,758 35,904 21,912 7,672 8,534 12,098 14,729 18,314 83,310 106,914 248,212 172,568 83,525 1,020 17 2,366 1,605 1,550 6,956 6,202 10,079 8,341 (5,035) 1,561 1,753 3,626 3,878 3,597 8,617,452 10,078,853 12,239,143 10,808,697 14,307,375 1,948,621 2,098,376 2,807,087 3,372,712 2,990,598 768,712 811,192 1,145,934 1,238,352 1,260,014 63,531 62,560 72,881 81,732 80,659 Daiwa Securities Group Annual Report 2008 85
12 2005 1 2 3 4 TOPIX 1,151 1,254 1,507 1,657 1 1,403 1,972 3,108 3,147 750 (1,873) (912) (2,051) (667) (2,601) (350) (287) 307 4,591 3,090 2,068 21 (101) (26) (8) 10% 1.27 1.35 1.52 1.58 107.71 111.16 117.28 116.90 135.36 135.70 139.41 140.66 135,435 195,376 245,284 269,562 45,039 62,944 89,853 111,351 17,756 26,209 39,072 36,482 5,320 9,132 16,378 33,482 7,515 9,305 13,214 13,796 14,447 18,297 21,188 27,590 35,804 68,547 57,749 62,810 4,009 2,071 9,037 6,421 42,965 52,483 73,869 75,892 7,616 9,330 14,774 13,087 38,531 49,507 70,425 73,107 5,621 7,178 12,085 9,843 91,282 138,689 162,773 186,612 69,878 80,106 86,389 88,824 13,748 15,509 16,148 18,503 34,961 42,485 47,355 46,260 7,746 8,312 8,042 8,557 4,309 4,014 4,379 4,569 5,551 5,588 5,669 5,830 1,594 2,004 2,109 2,363 1,966 2,191 2,685 2,739 21,404 58,582 76,383 97,788 2,705 1,957 2,196 1,838 308 384 172 1,338 23,800 60,155 78,407 98,287 321 10,562 3,020 921 614 1,867 14,640 24,122 70,102 79,560 84,569 11,636 34,185 38,803 55,322 86 Daiwa Securities Group Annual Report 2008
2006 2007 1 2 3 4 1 2 3 4 1,641 1,584 1,621 1,728 1,736 1,646 1,547 1,297 2,842 2,315 2,576 3,327 3,068 3,057 2,839 2,783 878 446 1 (1,651) (1,182) 1,216 1,466 1,817 1 (1,611) (2,483) (402) (1,949) 117 (875) 606 (412) 1,185 2,687 2,677 3,810 1,381 (499) (2,058) 11 (68) (70) (8) (36) (18) (23) 68 1.88 1.79 1.69 1.67 1.74 1.72 1.56 1.39 114.41 116.21 117.76 119.34 120.75 117.86 113.15 105.32 143.85 148.14 151.95 156.35 162.76 161.88 163.81 157.82 207,638 211,752 242,778 255,138 253,982 211,712 215,457 144,268 67,858 67,110 90,278 81,489 79,875 74,562 72,602 67,383 26,593 19,534 23,621 28,323 24,274 22,890 20,503 16,207 6,678 12,559 25,093 9,737 7,435 6,421 5,098 6,514 10,624 7,846 8,380 11,668 14,822 9,676 11,421 6,650 23,961 27,170 33,182 31,760 33,342 35,573 35,578 38,011 35,234 37,833 37,219 47,044 46,749 24,440 41,650 (9,479) 11,602 7,058 6,159 7,997 7,996 6,309 723 4,131 83,400 88,361 98,432 103,258 105,893 95,909 87,242 69,377 9,542 11,388 10,688 15,348 13,468 10,489 13,239 12,855 78,166 83,870 92,834 99,373 99,362 92,357 83,894 64,169 7,381 8,629 8,024 12,263 10,551 7,791 10,136 9,668 122,090 119,252 141,919 143,501 144,068 111,563 121,427 70,431 78,942 82,580 87,968 90,882 93,619 91,660 92,288 86,290 15,037 18,080 17,954 20,367 20,301 23,071 20,432 21,592 40,143 39,364 41,811 42,059 44,335 38,823 41,038 32,464 7,868 9,187 10,756 11,033 8,958 9,804 9,709 10,286 5,761 5,364 5,626 6,268 6,855 7,474 7,557 7,990 5,364 5,642 5,910 6,199 6,368 6,810 7,262 7,605 1,856 2,016 2,375 2,016 2,102 1,792 1,741 1,693 2,911 2,923 3,533 2,937 4,698 3,883 4,546 4,657 43,148 36,672 53,950 52,618 50,449 19,903 29,138 (15,858) 3,223 4,622 2,091 999 4,129 1,823 2,274 1,419 955 261 112 583 486 521 902 1,225 45,416 41,034 55,929 53,034 54,092 21,204 30,511 (15,664) 834 1,081 480 1,204 793 1,140 219 1,481 107 2,050 558 10,377 213 2,015 (65) 9,663 46,143 40,065 55,850 43,862 54,672 20,239 30,796 (23,847) 23,118 17,008 26,754 25,842 27,335 14,739 17,264 (12,928) Daiwa Securities Group Annual Report 2008 87
2005 1 2 3 4 1 23,765 25,753 29,187 30,129 11,848 13,003 15,447 16,005 5,634 5,825 5,945 6,035 3,407 3,494 3,502 3,615 2,226 2,330 2,443 2,420 4,399 4,898 5,595 5,797 2,254 2,663 3,217 3,642 2,144 2,234 2,378 2,155 169 220 292 335 1,713 1,805 1,904 1,955 2 282 298 519 785 239 245 461 618 42 53 58 166 1 2,539 2,568 2,631 2,695 1 1,323 1,359 1,421 1,487 1 8,010 8,970 10,694 11,359 1,123 2,038 3,138 3,389 65.6% 71.6% 73.6% 78.1% 683 1,579 2,877 3,218 40.8% 49.2% 51.9% 58.3% 1 457 492 536 586 1 1,113 1,408 1,823 2,069 339 415 641 632 268 246 207 266 SMBC 1 21,369 22,418 24,691 24,029 10,382 11,942 14,163 13,931 8,905 8,564 8,560 8,279 942 992 1,042 1,035 1,138 919 925 783 1 5,861 6,434 7,188 7,574 2,452 2,879 3,482 4,238 3,409 3,554 3,706 3,335 1. 2. 88 Daiwa Securities Group Annual Report 2008
2006 2007 1 2 3 4 1 2 3 4 28,677 29,174 30,680 32,332 33,719 32,848 32,001 28,806 14,551 14,516 14,905 15,386 15,341 14,255 13,326 11,541 6,073 6,218 6,629 7,112 7,439 7,615 7,753 7,308 3,644 3,660 3,886 4,356 4,465 4,724 4,794 4,694 2,429 2,557 2,742 2,756 2,973 2,890 2,959 2,614 5,711 6,076 6,653 6,945 7,862 7,741 7,845 6,954 3,642 4,001 4,484 4,791 5,524 5,579 5,649 4,865 2,068 2,075 2,169 2,154 2,338 2,161 2,196 2,089 337 377 415 443 482 494 492 451 2,003 1,986 2,076 2,443 2,593 2,741 2,582 2,549 418 504 563 946 741 611 322 276 339 309 305 422 414 467 287 357 79 194 258 523 327 144 34 81 2,726 2,755 2,783 2,819 2,862 2,900 2,933 3,022 1,521 1,551 1,579 1,616 1,656 1,699 1,729 1,818 10,734 10,994 11,658 12,206 12,824 12,697 12,525 11,141 2,489 1,974 2,016 2,446 2,051 2,051 2,102 1,911 78.6% 80.4% 78.0% 78.3% 79.6% 80.8% 82.6% 84.5% 2,394 1,842 1,880 2,542 2,069 2,007 1,947 1,547 61.2% 63.3% 61.3% 62.0% 62.8% 65.5% 69.7% 73.4% 613 634 661 700 734 762 788 876 1,971 2,046 2,185 2,424 2,606 2,563 2,534 2,334 498 352 435 557 630 435 535 300 220 264 277 298 313 303 266 277 23,489 24,562 25,488 26,901 27,154 27,765 27,216 23,984 13,333 13,476 14,181 14,661 15,059 14,523 13,214 11,469 8,111 8,821 8,984 10,575 10,312 10,985 10,974 10,426 1,076 1,028 1,066 1,039 955 984 920 880 968 1,235 1,255 625 825 1,271 2,106 1,208 7,722 8,155 9,181 9,666 11,144 10,712 10,547 9,710 4,569 5,026 5,887 6,388 7,584 7,361 7,138 6,504 3,152 3,128 3,294 3,277 3,560 3,351 3,409 3,206 Daiwa Securities Group Annual Report 2008 89
1. 1,600- -160,000 1,400- -140,000 1,200- -120,000 1,000- -100,000 800- -80,000 600- -60,000 400- -40,000 200- -20,000 0-07/4 07/5 07/6 07/7 07/8 07/9 07/10 07/11 07/12 08/1 08/2 08/3-0 2. 102008 3 31 % 126,771 9.03 71,349 5.08 58,319 4.15 58,284 4.15 4 30,431 2.17 30,328 2.16 24,888 1.77 23,140 1.65 22,462 1.60 20,867 1.49 3. 2007 4 1 2008 3 31 4. 2008 3 31 1 1,435 1,449 809 864 9,122 5.2% 17.2% 39.6% 33.1% 4.9% 90 Daiwa Securities Group Annual Report 2008
92 93 2007 100 102 103 104 106 124 Daiwa Securities Group Annual Report 2008 91
SMBC SMBC 92 Daiwa Securities Group Annual Report 2008
2007 2007 2002 1 6 2007GDP1.6% 2.5% 1.4% 0.5%2002 13.3% 1.7%9.7% 0.3% 1.2% 2007 7 RMBS 7 1 12011108 2007 17,028 41 2007 1215,307 78 FRB 9 2008FRB 3 FF 3% 1995 1 100 3 17 11,787 16 2007 GDP 90-05/3 05/9 06/3 06/9 07/3 07/9 08/3 180-150- 120-1Q 2Q 3Q 2005 GDP GDP 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2006 2007-4- % 6-4- 2-0- 2- Daiwa Securities Group Annual Report 2008 93
3 JP 2007 12,525 54 2007 901 53.9%464 49.9% 10.8% 5.3% 2008 3122 1265.3% 1 4,474 15.0% 2,9444.0% 1,033 34.3%SMBC SMBC SMBC 19141.6% 845 14.5% 1 2 9,393 25,000-20,000-15,000-10,000-5,000-0- 05/3 05/9 06/3 06/9 07/3 07/9 08/3-4,000-3,200-2,400-1,600-800 -0 1 94 Daiwa Securities Group Annual Report 2008
1,363 27.6% 2007 36.3 47536.6% M&A 2008 36.5 2007 2006 2007 1 2 3 4 98,987 84,593 14.5% 24,528 22,930 20,578 16,554 2,667 2,133 20.0% 562 609 485 476 106,906 136,377 27.6% 37,181 33,826 36,396 28,972 74,986 47,551 36.6% 11,376 10,798 9,545 15,829 23,190 23,771 2.5% 6,227 6,397 5,596 5,549 306,736 294,425 4.0% 79,875 74,562 72,602 67,383 2007 2006 2007 1 2 3 4 306,736 294,425 4.0% 79,875 74,562 72,602 67,383 157,333 103,361 34.3% 46,749 24,440 41,650 (9,479) 32,818 19,160 41.6% 7,996 6,309 723 4,131 19,207 18,639 3.0% 6,530 3,551 3,347 5,208 10,669 11,906 11.6% 2,917 2,698 3,103 3,187 526,764 447,491 15.0% 144,068 111,563 121,427 70,431 2008 3 % * 5 ABS CDO * 1 RMBS* 2 1,811 (2) 0% CMBS* 3 SIV* 4 132 (9) 7% 1,943 (11) 1% * 1. ABSCDO of ABS * 2. Residential Mortgage Backed Securities Agency MBS Mortgage Backed Securities * 3. Commercial Mortgage Backed Securities * 4. Structured Investment Vehicle MTN Medium Term Note 3 * 5. Daiwa Securities Group Annual Report 2008 95
3,638 6.9% 19.5% 29.8% 81.3% 64.6% 901 53.9% 81 82 13 464 49.9% 2,262 1.9% 7104.6% 1,7207.4% 45221.3% 2008 3 28.810.9% FX2007 9 2007 10 2007 2006 2007 1 2 3 4 195,415 90,143 53.9% 54,092 21,204 30,511 (15,664) 92,725 46,411 49.9% 27,335 14,739 17,264 (12,928) 96 Daiwa Securities Group Annual Report 2008
SMBC SMBC 2,422 23.6% 14 98.5% 546 53.2% 77427.3% SMBC 237 14.4% 830 4,390 2008 3 6.5 2007 67.5 34.4% 174 30.5% 57 SMBC 2006 2007 2006 2007 2006 2007 230,649 226,273 317,118 242,269 58,933 83,079 74,477 71,026 92,866 1,431 13,015 17,494 43,468 41,009 51,945 (5,836) 8,659 10,665 SMBC 2006 2007 2006 2007 2006 2007 9,744 13,379 4,407 5,752 4,233 (5,321) Daiwa Securities Group Annual Report 2008 97
89.8% 14 2008 316 2,2413 36114 9,209 2 9,8091 2,952550 1 7957,542 1 8291,403 511500 2008 3 17 3,0712 8,95816 7,532 71 2 8,6215,538336 2 816 2006 2007 1,625 1,948 8,415 (4,190) 3,829 3,661 13,870 1,419 2008 7 1 SMBC Moody s Baa1 Baa1 P-2 A1 P-1 Standard & Poor s BBB+ A-2 BBB+ A-2 A A-1 R&I A a-1 A a-1 A+ a-1 JCR A+ A+ 98 Daiwa Securities Group Annual Report 2008
2007 7,825144 1,890 732 9,910 431 2007 3 3,598 2007 IT 2006 2007 (14,470) (782,533) (73,288) (189,043) 43,163 991,087 352,779 359,851 Daiwa Securities Group Annual Report 2008 99
20082007 3 31 US$ 1 2008 2007 2008 6 359,851 352,779 $ 3,598,510 233,545 256,435 2,335,450 8 85,125 21,031 851,250 678,521 630,245 6,785,210 75,422 1,925 754,220 8 152,617 143,467 1,526,170 219,314 2,193,140 3 369,312 575,457 3,693,120 614,825 122,029 6,148,250 1,385 141 13,850 1,430,105 842,737 14,301,050 4 6,206,327 6,814,612 62,063,270 5 8 7,857,122 5,082,219 78,571,220 6 8 471,732 440,178 4,717,320 13 31,348 25,680 313,480 260,104 245,590 2,601,040 106,711 111,054 1,067,110 153,393 134,536 1,533,930 101,880 81,315 1,018,800 30,130 23,729 301,300 6 8 254,716 269,805 2,547,160 11,436 11,492 114,360 8 82,676 56,316 826,760 2,267 1,599 22,670 478,571 441,058 4,785,710 17,307,119 14,411,265 $173,071,190 100 Daiwa Securities Group Annual Report 2008
US$ 1 2008 2007 2008 8 11 2,349,828 1,595,585 $ 23,498,280 488,300 302,392 4,883,000 8 11 1,406,400 1,261,513 14,064,000 4,244,528 3,159,490 42,445,280 10 711,583 233,164 7,115,830 67,771 3 8 202,010 233,353 2,020,100 30,039 33,279 300,390 943,632 567,567 9,436,320 4 6,238,684 5,159,100 62,386,840 5 4,643,644 4,105,362 46,436,440 21,538 12,551 215,380 13 4,556 33,290 45,560 17,326 31,200 173,260 12 24,016 23,181 240,160 4,130 3,757 41,300 779 623 7,790 73,345 84,021 733,450 145,690 188,623 1,456,900 14 8,017 7,897 80,170 16,224,195 13,188,039 162,241,950 15 16 4,000,000 1,404,6652008 3 31 178,324 178,324 1,783,240 157,679 157,679 1,576,790 527,579 520,474 5,275,790 (61,701) (11,628) (617,010) 5 801,881 844,854 8,018,810 24,470 75,658 244,700 801 468 8,010 (9,062) 8,546 (90,620) 16,209 84,672 162,090 17 1,430 611 14,300 263,404 293,089 2,634,040 1,082,924 1,223,226 10,829,240 17,307,119 14,411,265 $173,071,190 Daiwa Securities Group Annual Report 2008 101
2008 20072006 3 31 US$ 1 2008 2007 2006 2008 20 294,425 306,736 309,189 $2,944,250 21 103,361 157,333 224,912 1,033,610 19,160 32,818 21,539 191,600 358,423 373,453 245,211 3,584,230 50,053 46,968 44,809 500,530 825,422 917,308 845,660 8,254,220 339,784 354,245 231,572 3,397,840 38,147 36,299 34,729 381,470 19 447,491 526,764 579,359 4,474,910 12 19 22 363,859 340,373 325,199 3,638,590 19 83,632 186,391 254,160 836,320 14 (52) (566) (1,374) (520) 23 (1,629) 98 5,570 (16,290) (1,681) (468) 4,196 (16,810) 81,951 185,923 258,356 819,510 13 40,475 65,794 77,676 404,750 299 3,657 392 2,990 40,774 69,451 78,068 407,740 5,234 (23,747) (40,340) 52,340 46,411 92,725 139,948 $ 464,110 US$1 1 33.69 67.90 103.90 $0.34 33.63 66.07 98.61 0.34 22.00 28.00 34.00 0.22 102 Daiwa Securities Group Annual Report 2008
2008 20072006 3 31 2005 3 31 1,331,736 138,432 117,941 362,949 (787) 35,674 (5,877) 189,194 724 396 396 (26,612) (677) 139,948 2 (13,873) 608 37,020 (199) 6,741 47,525 2006 3 31 1,332,460 138,828 118,339 476,216 (14,660) 72,694 (199) 864 236,719 72,205 39,496 39,496 (45,806) (1,828) 92,725 (156) (1,239) 3,032 406 5 2,964 667 7,682 611 56,370 2007 3 31 1,404,665 178,324 157,679 520,474 (11,628) 5 75,658 468 8,546 611 293,089 (38,788) 46,411 (346) (50,073) (172) (5) (51,188) 333 (17,608) 819 (29,685) 2008 3 31 1,404,665 178,324 157,679 527,579 (61,701) 24,470 801 (9,062) 1,430 263,404 US$1 2007 3 31 $1,783,240 $1,576,790 $5,204,740 $ (116,280) $ 50 $ 756,580 $4,680 $ 85,460 $ 6,110 $2,930,890 (387,880) 464,110 (3,460) (500,730) (1,720) (50) (511,880) 3,330 (176,080) 8,190 (296,850) 2008 3 31 $1,783,240 $1,576,790 $5,275,790 $(617,010) $ $ 244,700 $8,010 $ (90,620) $14,300 $2,634,040 Daiwa Securities Group Annual Report 2008 103
2008 20072006 3 31 US$1 2008 2007 2006 2008 46,411 92,725 139,948 $ 464,110 28,047 23,117 22,641 280,470 3,445 317 226 34,450 836 1,234 23 8,360 815 611 8,150 51 567 1,374 510 5,240 (3,926) (11,060) 52,400 1,952 5,880 11,838 19,520 (4,725) 551 1,354 4,681 13,540 299 3,657 392 2,990 (5,234) 23,747 40,340 (52,340) 174,806 27,247 (195,882) 1,748,060 (133,966) (113,773) (29,270) (1,339,660) 1,721,872 (150,764) (63,704) 17,218,720 (2,561,539) 79,204 615,610 (25,615,390) (76,273) (45,410) (192,645) (762,730) 9,351 35,865 33,684 93,510 (828,944) (107,195) 228,842 (8,289,440) (782,533) (14,470) 368,790 (7,825,330) (120,181) (36,290) (10,685) (1,201,810) 56,042 30,995 55,201 560,420 (34,295) (18,439) (12,526) (342,950) 240 539 719 2,400 (44,006) (34,648) (24,312) (440,060) (86,731) (47,527) (51,554) (867,310) 52,909 36,553 43,604 529,090 1,357 (3,655) (876) 358 (36,550) (9,366) (4,952) (1,757) (93,660) (189,043) (73,288) (952) (1,890,430) 104 Daiwa Securities Group Annual Report 2008
US$1 2008 2007 2006 2008 945,660 (97,430) (446,190) $ 9,456,600 442,593 509,087 505,358 4,425,930 (294,317) (362,305) (401,374) (2,943,170) (2,682) 10,360 58,496 (26,820) 40,080 10,000 (38,787) (45,806) (26,612) (387,870) (10,894) (12,039) (9,177) (108,940) (50,486) 1,216 (13,446) (504,860) 991,087 43,163 (322,945) 9,910,870 (13,582) 4,788 7,429 (135,820) 5,929 (39,807) 52,322 59,290 352,779 392,350 338,697 3,527,790 655 236 1,331 6,550 488 4,880 359,851 352,779 392,350 $ 3,598,510 342,670 348,266 222,153 $ 3,426,700 46,291 111,811 11,405 462,910 Daiwa Securities Group Annual Report 2008 105
2008 20072006 3 31 1. SMBC SMBC NIF SMBC 2005 10 1 SMBC SMBC 117 SMBC 60% 2008 3 311US$ 100 2. 40% 50% 20% 15% 20% 20 3 106 Daiwa Securities Group Annual Report 2008
2 2 a b c 2007 3 31 10 7,974 2008 3 31 2007 4 1 5 1 Daiwa Securities Group Annual Report 2008 107
4,4392006 3 31 5 4 1,553 8 11 611 SMBC NIF SMBC 11 1 2008 3 31 20072006 3 31 108 Daiwa Securities Group Annual Report 2008
3. 20082007 3 31 US$ 2008 2007 2008 192,001 339,104 $1,920,010 177,311 236,353 1,773,110 369,312 575,457 $3,693,120 8,617 14,447 $ 86,170 193,393 218,906 1,933,930 202,010 233,353 $2,020,100 4. 20082007 3 31 US$ 2008 2007 2008 1,334,581 1,595,729 $13,345,810 4,871,746 5,218,883 48,717,460 6,206,327 6,814,612 $62,063,270 2,987,701 3,219,353 $29,877,010 3,250,983 1,939,747 32,509,830 6,238,684 5,159,100 $62,386,840 Daiwa Securities Group Annual Report 2008 109
5. 20082007 3 31 US$ 2008 2007 2008 133,153 377,531 $ 1,331,530 5,801,937 3,720,283 58,019,370 90,184 111,367 901,840 CD CP 245,979 19,714 2,459,790 208,844 166,603 2,088,440 133,858 177,068 1,338,580 1,225,291 509,663 12,252,910 19,499 1,927 194,990 (1,623) (1,937) (16,230) 7,857,122 5,082,219 $78,571,220 US$ 2008 2007 2008 110,997 88,620 $ 1,109,970 3,332,362 3,314,739 33,323,620 16 14,475 160 182,575 256,023 1,825,750 121,178 46,293 1,211,780 875,700 383,702 8,757,000 20,816 1,510 208,160 4,643,644 4,105,362 $46,436,440 6. 20082007 3 31 2008 3 31 4,662 4,011 (651) 2007 3 31 4,345 4,589 244 US$ 2008 3 31 $46,620 $40,110 $(6,510) 110 Daiwa Securities Group Annual Report 2008
20082007 3 31 2008 3 31 1,300 1,300 2007 3 31 1,769 1,769 0 US$ 2008 3 31 $13,000 $13,000 $ 20082007 3 31 2008 3 31 121,618 155,707 34,089 13,720 11,937 (1,783) 17,550 17,058 (492) 152,888 184,702 31,814 2007 3 31 96,500 220,484 123,984 150 156 6 8,832 10,228 1,396 105,482 230,868 125,386 US$ 2008 3 31 $1,216,180 $1,557,070 $340,890 137,200 119,370 (17,830) 175,500 170,580 (4,920) $1,528,880 $1,847,020 $318,140 Daiwa Securities Group Annual Report 2008 111
20082007 3 31 US$ 2008 2007 2008 240,309 257,288 $2,403,090 3,268 802 32,680 199,997 150,435 1,999,970 56,408 45,110 564,080 499,982 453,635 $4,999,820 2008 3 31 36,453364,530 US$ 2007 3 31 27,623 7. 20082007 3 31 2008 3 31 14,181 31 31 4,810 83 83 2007 3 31 11,922 10 10 3,612 100 100 US$ 2008 3 31 $141,810 $310 $310 48,100 830 830 112 Daiwa Securities Group Annual Report 2008
8. 20082007 3 31 US$ 2008 2007 2008 1,144,917 754,888 $11,449,170 20 20 200 8,618 14,439 86,180 1,153,555 769,347 $11,535,550 4,80048,000 US$ 20082007 3 31 US$ 2008 2007 2008 125 $ 34,721 18,517 347,210 1,165,097 1,072,264 11,650,970 314 614 3,140 62,247 98,496 622,470 10,522 7,973 105,220 1,272,901 1,197,989 $12,729,010 20082007 3 31609,2736,092,730 US$ 535,044 20082007 3 31 US$ 2008 2007 2008 6,782,109 6,133,988 $67,821,090 1,287,930 739,061 12,879,300 8,070,039 6,873,049 $80,700,390 20082007 3 31 US$ 2008 2007 2008 7,542,741 8,440,583 $75,427,410 466,116 659,903 4,661,160 8,008,857 9,100,486 $80,088,570 Daiwa Securities Group Annual Report 2008 113
9. 20082007 3 31 US$ 2008 2007 2008 4,052 6,161 $ 40,520 2,723 4,338 27,230 1,371 1,878 13,710 1 651 1,100 6,510 80,492 11,767 804,920 1 11,201 2,239 112,010 US$ 2008 2007 2008 632 1,056 $ 6,320 1 237 289 2,370 10. 20082007 3 31 US$ 2008 2007 2008 112,127 124,851 $1,121,270 101,149 100,494 1,011,490 498,307 7,819 4,983,070 711,583 233,164 $7,115,830 11. 20082007 3 31 0.78 0.79 114 Daiwa Securities Group Annual Report 2008
20082007 3 31 US$ 2008 2007 2008 0.95%2008 120,000 120,000 $ 1,200,000 1.30%2011 70,000 70,000 700,000 1.80%2011 50,000 50,000 500,000 1.50%2012 50,000 500,000 1.43%2013 60,000 600,000 2.08%2016 30,000 30,000 300,000 2038 814,355 776,785 8,143,550 2012 70,000 102,000 700,000 2038 142,045 112,728 1,420,450 1,406,400 1,261,513 $14,064,000 2008 3 310.505.072007 3 310.035.30 20082007 3 31 1.49 1.28 2008 3 31 3 31 US$ 2009 143,588 $ 1,435,880 2010 24,961 249,610 2011 129,556 1,295,560 2012 118,824 1,188,240 2013 175,341 1,753,410 2014 814,130 8,141,300 1,406,400 $14,064,000 2008 3 3187,017870,170 US$ 12. 2008 3 31 21,351213,510 US$ 2007 3 31 19,9032008 2007 2006 3 31 3,15731,570 US$ 3,3052,864 1999 4 1 Daiwa Securities Group Annual Report 2008 115
2008 3 31 439 4,390 US$ 2007 3 31 590 2008 20072006 3 31 2052,050 US$ 199 174 2004 5 2004 6 2005 3 2005 6 13. 40.7% 2008 20072006 3 31 2008 2007 2006 40.7% 40.7% 40.7% 12.4 (9.0) (9.0) 2.2 0.9 0.3 (1.3) (0.3) (0.3) (0.5) (1.0) (0.6) (0.2) 5.2 0.6 (3.6) 0.9 (1.5) 49.7% 37.4% 30.2% 116 Daiwa Securities Group Annual Report 2008
20082007 3 31 US$ 2008 2007 2008 42,688 42,416 $ 426,880 13,738 11,136 137,380 8,990 8,939 89,900 4,938 9,377 49,380 2,473 1,899 24,730 7,582 6,988 75,820 1,446 7,333 4,536 73,330 6,634 5,922 66,340 18,697 13,362 186,970 113,074 106,021 1,130,740 72,281 65,378 722,810 40,793 40,643 407,930 14,001 48,253 140,010 26,792 (7,610) $ 267,920 14. 15. 20082007 3 311,69116,910 US$ 1,683 16. 2 1 4 1 10 1 2008 3 31 234,782 2,347,820 US$ 459 1 2007 10 26 16,456164,560 US$ 112 0.12US$ 2008 5 1913,463 Daiwa Securities Group Annual Report 2008 117
134,630 US$ 110 0.10US$ 2004 6 23 4,500 2006 7 12011 8 31 2005 6 24 2006 6 24 2007 6 232008 6 21 2 11 17. 2008 3 31 US$ 2004 6 23 1,663,000 756 ($ 7.56) 2006 7 12011 8 31 2005 6 24 523,000 1 ($ 0.01) 2005 7 12025 6 30 1,926,000 781 ($ 7.81) 2007 7 12012 8 31 2006 6 24 298,000 1 ($ 0.01) 2006 7 12026 6 30 1,515 ($15.15) 2011 7 12016 6 23 2007 6 23 306,000 1 ($ 0.01) 2007 7 12027 6 30 1,224 ($12.24) 2012 7 12017 6 23 NIF SMBC 2008 3 31 US$ 2004 6 24 287 201,800 ($2,018.00) 2006 7 12011 8 31 2005 6 28 252 1 ($ 0.01) 2005 12 12025 11 30 279 426,300 ($4,263.00) 2007 7 12012 8 31 2006 6 27 31 1 ($ 0.01) 2006 9 82026 9 7 50 1 ($ 0.01) 2006 9 82026 9 7 430,290 ($3,646.53) 2011 7 12016 6 26 2007 6 26 67 1 ($ 0.01) 2007 9 142027 6 26 120 1 ($ 0.01) 2007 9 142027 6 26 171,242 ($1,712.42) 2012 7 12017 6 25 118 Daiwa Securities Group Annual Report 2008
18. 140% 20082007 3 31 319.7% 319.3% SMBC 307.6% 465.3% 19. 1 2 3 4 5 2008 20072006 3 31 20082007 3 31 2008 3 31 406,520 10,195 13,448 17,328 447,491 (5,997) 4,398 8,464 986 (7,851) 400,523 14,593 21,912 18,314 (7,851) 447,491 316,998 13,043 26,947 14,717 (7,846) 363,859 83,525 1,550 (5,035) 3,597 (5) 83,632 2008 3 31 14,307,375 2,990,598 1,260,014 80,659 (1,331,527) 17,307,119 2007 3 31 483,875 9,588 19,870 13,431 526,764 (8,701) 5,096 16,034 1,298 (13,727) 475,174 14,684 35,904 14,729 (13,727) 526,764 302,606 13,079 27,563 10,851 (13,726) 340,373 172,568 1,605 8,341 3,878 (1) 186,391 2007 3 31 10,808,697 3,372,712 1,238,352 81,732 (1,090,228) 14,411,265 2006 3 31 541,666 5,528 21,673 10,492 579,359 1,530 8,758 12,085 1,606 (23,979) 543,196 14,286 33,758 12,098 (23,979) 579,359 294,984 11,920 23,679 8,472 (13,856) 325,199 248,212 2,366 10,079 3,626 (10,123) 254,160 Daiwa Securities Group Annual Report 2008 119
2008 3 31 US$ $ 4,065,200 $ 101,950 $ 134,480 $173,280 $ $ 4,474,910 (59,970) 43,980 84,640 9,860 (78,510) 4,005,230 145,930 219,120 183,140 (78,510) 4,474,910 3,169,980 130,430 269,470 147,170 (78,460) 3,638,590 $ 835,250 $ 15,500 $ (50,350) $ 35,970 $ (50) $ 836,320 2008 3 31 $143,073,750 $29,905,980 $12,600,140 $806,590 $(13,315,270) $173,071,190 2008 20072006 3 31 2008 3 31 19,169 10,048 15,281 44,498 447,491 4.3% 2.2% 3.4% 9.9% 2007 3 31 19,325 13,101 11,902 44,328 526,764 3.7% 2.5% 2.3% 8.4% 2006 3 31 10,313 19,370 11,016 40,699 579,359 1.8% 3.3% 1.9% 7.0% 2008 3 31 $191,690 $100,480 $152,810 $ 444,980 4,474,910 4.3% 2.2% 3.4% 9.9% US$ 120 Daiwa Securities Group Annual Report 2008
20. 2008 20072006 3 31 2008 3 31 82,487 925 464 83,876 25,470 25,470 39,342 3,230 42,572 2,106 1,208 96,571 18,851 23,771 142,507 84,593 2,133 136,377 47,551 23,771 294,425 2007 3 31 97,062 694 317 98,073 54,069 54,069 37,211 1,310 38,520 1,925 1,973 69,379 19,607 23,190 116,074 98,987 2,667 106,906 74,986 23,190 306,736 2006 3 31 118,262 923 336 119,521 64,314 64,314 41,799 2,032 43,831 1,955 2,279 40,269 16,389 20,631 81,523 120,217 3,202 82,404 82,735 20,631 309,189 2008 3 31 US$ $824,870 $ 9,250 $ 4,640 $ $ $ 838,760 254,700 254,700 393,420 32,300 425,720 21,060 12,080 965,710 188,510 237,710 1,425,070 $845,930 $21,330 $1,363,770 $475,510 $237,710 $2,944,250 Daiwa Securities Group Annual Report 2008 121
21. 2008 20072006 3 31 US$ 2008 2007 2006 2008 11,020 31,288 124,271 $ 110,200 92,341 126,045 100,641 923,410 103,361 157,333 224,912 $1,033,610 22. 2008 20072006 3 31 US$ 2008 2007 2006 2008 156,662 163,379 171,062 $1,566,620 45,671 37,672 31,508 456,710 22,166 19,749 18,646 221,660 38,759 38,846 32,659 387,590 29,878 23,021 17,273 298,780 7,330 8,265 8,072 73,300 28,047 23,117 22,641 280,470 35,346 26,324 23,338 353,460 363,859 340,373 325,199 $3,638,590 23. 2008 20072006 3 31 US$ 2008 2007 2006 2008 3,228 3,602 10,030 $ 32,280 (205) (363) (70) (2,050) (8,263) (736) (499) (82,630) (1,510) (1,415) (1,395) (548) (14,150) (317) 1,738 1,424 1,528 17,380 (537) (2,975) (6,851) (5,370) (1,354) (4,681) (13,540) 4,725 (200) (1,279) (1,564) (4,439) (551) 5,179 7,600 4,737 51,790 (1,629) 98 5,570 $(16,290) 122 Daiwa Securities Group Annual Report 2008
2008 20072006 3 31 US$ 2008 2007 2006 2008 537 2,975 6,201 $5,370 650 537 2,975 6,851 $5,370 5% 24. 2008 6 21 236238239 1 1 0.01US$ Daiwa Securities Group Annual Report 2008 123
2008 3 312007 3 312008 3 313 2008 3 312007 3 31 2008 3 31 3 2008 3 31 1 2008 6 23 124 Daiwa Securities Group Annual Report 2008
126 132 136 137 139 Daiwa Securities Group Annual Report 2008 125
1) 2008 7 1 IT IR IT CSR 126 Daiwa Securities Group Annual Report 2008
22008 7 1 CEO COO CIO CFO Daiwa Securities Group Annual Report 2008 127
1) 2008 7 1 SMA SMA PTS SMA SMA SMA 128 Daiwa Securities Group Annual Report 2008
129 Daiwa Securities Group Annual Report 2008 22008 7 1
1) 2008 8 1 M&A SMBC 130 Daiwa Securities Group Annual Report 2008
131 Daiwa Securities Group Annual Report 2008 22008 7 1 SMBCB.V. SMBC SMBC SMBC SMBC SMBC Pte Ltd SMBC SMBC
2008 7 1 100-6755 1 9 1 03 5555-7555 060-8601 4 13 011 214-6111 085-0015 11 1 2 0154 23-0161 030-8611 2 5 13 017 777-2111 020-8701 1 12 10 019 652-1171 980-0021 2 8 13 022 221-5111 010-0001 4 5 2 018 831-2811 990-0043 2 4 9 023 622-8151 960-8651 11 25 024 522-3111 963-8661 10 10 024 932-3111 970-8026 17 0246 23-0111 310-8601 2 3 2 029 226-9111 320-0033 13 18 028 621-3531 370-0849 58 1 027 327-7111 330-0802 1 89 048 642-3881 330-0063 2 14 18 048 834-6111 332-0012 4 2 1 048 225-3611 359-1193 12 12 04 2922-8111 359-1123 12 1 04 2922-8111 260-0015 2 2 3 043 227-8181 273-0005 4 40 22 047 424-2111 271-8501 19 15 047 366-5111 285-0837 1 28 8 043 462-1009 277-0005 2 2 4 04 7166-2701 100-0011 2 2 2 03 3508-8111 104-0061 3 5 4 03 5250-8585 160-8401 3 30 11 03 3352-5141 163-0663 1 25 1 03 3345-1661 110-8515 2 13 10 03 3832-0191 136-0071 2 22 17 03 3681-3181 141-8504 1 1 8 03 3493-1211 152-8561 2 12 15 03 3717-0141 132 Daiwa Securities Group Annual Report 2008
144-8502 7 45 6 03 3732-9171 143-0016 1 5 1 03 5471-3311 157-0066 2 34 12 03 3415-5211 150-0041 1 23 14 03 3463-9211 164-0001 2 30 5 03 5385-1311 171-0022 2 28 14 03 3982-2141 171-0014 2 2 1 03 3980-1005 115-8711 1 9 5 03 3903-0311 176-0012 5 17 13 03 3992-0131 120-0034 2 26 03 3879-6111 180-8521 2 1 10 0422 22-9311 181-0013 3 26 9 0422 41-0777 186-0002 1 4 11 042 571-0211 190-8686 2 7 16 042 526-1711 192-0083 8 10 042 644-2211 206-8520 1 7 5 042 375-5511 194-8521 6 12 20 042 722-2131 231-0015 2 20 045 671-6700 220-8656 1 11 1 045 311-1271 244-8601 4100 045 864-1715 227-0062 2 9 2 045 983-8282 210-8502 12 1 044 244-2121 251-0052 462 0466 23-8111 248-0006 1 4 31 0467 23-1616 243-8601 4 14 1 046 224-8111 253-0044 9 9 0467 58-6111 238-0008 2 7 046 821-1800 951-8611 10932 025 223-4101 940-0066 1 2 5 0258 37-9001 930-8611 3 3 076 424-2411 933-0023 1014 0766 21-3500 920-8701 3 28 076 262-4211 910-8601 1 4 28 0776 22-3311 400-0031 2 16 4 055 222-0121 Daiwa Securities Group Annual Report 2008 133
380-0824 128216 026 227-6501 390-0874 2 3 18 0263 35-0131 500-8566 7 78 058 265-2171 420-8722 1 1 054 254-3151 430-8675 61 053 454-1411 410-0801 5 7 22 055 962-3590 460-8653 3 15 30 052 963-7111 450-0002 4 6 23 052 571-3111 440-0888 1 27 1 0532 55-0011 444-0860 2 16 0564 24-6811 491-0859 3 2 14 0586 71-6311 514-8601 32 18 059 226-7111 522-0075 6 9 0749 23-2111 600-8005 282 075 251-2111 530-8265 1 13 20 06 6454-7778 530-0012 1 1 3 06 6373-3311 542-8511 4 2 3 06 6632-5151 534-0024 2 9 23 06 6354-1201 545-0052 2 4 46 06 6624-0333 596-0055 3 8 072 423-3501 560-0021 1 5 9 06 6854-1131 567-0829 10 1 072 632-0651 590-0075 2 3 1 072 223-8850 650-0021 1 2 4 078 392-7911 670-0927 254 079 223-2881 660-0882 4 27 1 06 6411-1481 673-0892 2 2 22 078 917-0001 663-8204 3 32 0798 66-3500 630-8666 48 1 0742 23-1271 640-8651 1 47 073 431-1131 134 Daiwa Securities Group Annual Report 2008
680-8511 1 121 0857 29-1511 690-0003 480 8 0852 27-7151 700-0907 1 1 3 086 225-1111 730-0011 12 9 082 228-5211 720-8641 1 1 084 931-3333 750-0016 1 2 12 083 231-5151 745-8611 1 1 0834 21-5601 770-0834 1 24 088 623-0131 760-8611 1 1 1 087 822-2222 790-0003 3 9 10 089 941-7101 792-0016 2 10 0897 33-5800 780-0870 1 2 7 088 823-0323 810-0001 1 12 5 092 713-4007 802-0003 1 2 26 093 531-1141 830-0032 35 9 0942 33-2131 840-0816 4 1 0952 24-6121 850-0033 7 1 095 823-0181 860-8688 12 28 096 353-2551 870-0035 1 4 26 097 537-8111 880-0805 4 6 30 0985 29-5211 892-0828 6 9 099 223-5141 900-0032 1 1 14 098 861-5200 0120-010101 http://www.daiwa.jp Daiwa Securities Group Annual Report 2008 135
2008 7 1 100-67529 1 03 5555-2111 100-67539 1 03 5555-3111 103-0025 10 5 03 5695-2111 135-846015 6 03 5620-5100 100-00132 1 03 6205-0200 135-0016 3 2 03 5633-6100 104-0031 2 1 03 5555-4700 SMBC 102-00738 10 03 6910-2600 100-67549 1 03 5555-6111 100-00046 1 03 6225-3200 135-0016 3 2 03 3615-7771 104-0031 2 1 03 5555-4111 100-67519 1 03 5555-1175 100-67569 1 03 5555-1400 101-00215 9 03 5256-4111 541-0047 2 14 06 6205-7711 135-8461 14 6 03 3820-3295 DIR 135-0047 11 6 03 5620-4180 135-0016 3 2 03 5683-9589 136 Daiwa Securities Group Annual Report 2008
2008 7 1 Financial Square, 32 Old Slip, New York, NY 10005, U.S.A. 1 212-612-7000 PLC 5 King William Street, London EC4N 7JB, United Kingdom 44 20-7320-8000 One Evertrust Plaza, Jersey City, NJ 07302, U.S.A. 1 201-333-7300 Level 3, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland 353 1-603-9900 Level 3, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland 353 1-603-9900 6 Shenton Way #26-08, DBS Building Tower Two, Singapore 068809, Republic of Singapore 65 6222-7281 SMBC 5 King William Street, London EC4N 7AX, United Kingdom 44 20-7597-8000 Trianon Bldg., Mainzer Landstrasse 16, 60325 Frankfurt am Main, Federal Republic of Germany 49 69-717080 112, Avenue Kléber, 75116 Paris, France 33 1-56-26-22-00 50, rue du Rhône, P.O. Box 3198, 1211 Geneva 3, Switzerland 41 22-818-74-00 Via Senato 14/16, 20121 Milan, Italy 39 02-763271 Jose Ortega y Gasset 20, 7th floor, Madrid 28006, Spain 34 91-529-9800 7th Floor, The Tower, Bahrain Commercial Complex, P.O. Box 30069, Manama, Bahrain 973 1753-4452 The Gate Village Building 1, 1st Floor, Unit 6, Dubai International Financial Centre, P.O. Box 506657, Dubai, UAE (971) 4-7090401 25/9, build. 1, Per. Sivtsev Vrazhek, Moscow 119002, Russian Federation 7 495-617-1960 Daiwa Securities Group Annual Report 2008 137
SMBC 26th Floor, One Pacific Place, 88 Queensway, Hong Kong 852 2525-0121 SMBC 6 Shenton Way #26-08, DBS Building Tower Two, Singapore 068809, Republic of Singapore 65 6220-3666 SMBC 34th Floor, Rialto North Tower, 525 Collins Street, Melbourne, Victoria 3000, Australia 61 3-9916-1300 SMBC 10th Floor, 3 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai 400051, India 91 22-6622-1000 6th Floor, DITC Building, #27-3, Youido-dong, Yongdungpo-gu, Seoul, Republic of Korea 82 2-787-9100 Room 3503/3504, Capital Tower Beijing, No. 6 Jia Jianguomen Wai Avenue, Chaoyang District, Beijing, People s Republic of China 100022 86 10-6500-6688 18th Floor, M. Thai Tower, All Seasons Place, 87 Wireless Road, Lumpini, Pathumwan, Bangkok 10330, Thailand 66 2-252-5650 Suite 405, Pacific Place Building, 83B Ly Thuong Kiet Street, Hanoi, Vietnam (84)4-946-0460 DBP-SMBC, Inc. 18th Floor, Citibank Tower, 8741 Paseo de Roxas, Salcedo Village, Makati City, Republic of the Philippines 632 813-7344 14th Floor, 200, Keelung Road, Sec.1, Taipei, Taiwan, R.O.C. 886 2-2723-9698 15th Floor, Aurora Plaza, 99 Fucheng Road, Pudong, Shanghai, People s Republic of China 200120 86 21-6859-8000 138 Daiwa Securities Group Annual Report 2008
100-6751 9 1 03 5555-1111 URL http://www.daiwa-grp.jp/ 1902 5 1 1943 12 27 4,000,000 1,404,6642008 3 31 98,809 2008 3 31 4 4 2008 10 1 3 1 183-8701 1 10 0120 175-417 0120 176-417 URL http://www.sumitomotrust.co.jp/sta/retail/service/ daiko/index.html 5 33 IR 03 5555-1300 03 5555-0661 E ir-section@dsgi.daiwa.co.jp URL http://www.daiwa-grp.jp/ir/ Daiwa Securities Group Annual Report 2008 139
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